Connect with us

Business

Corbella: Cargill, JBS and province failed at keeping workers safe – Calgary Herald

Published

on


Article content continued

“We simply cannot shut down every food processing plant in Alberta or in Canada because that would create an obvious crisis in terms of food security,” he said.

Fair enough, but nobody — not even the union — is asking to shut down the plant. What they’re asking for is input from workers as well as earlier and better oversight of these businesses.

The Cargill employee who died on April 19 was a woman in her 60s. Her 67-year-old husband, also an employee with Cargill, was hospitalized from the coronavirus.

Marichu Antonio, executive director of Action Dignity, says the woman, originally from Vietnam, started feeling sick part way through her shift on April 9. She stayed home the next day as the entire plant was apparently shut down on Good Friday. She went to hospital on Saturday and was dead by Sunday.

“Her husband never got to say goodbye to her and now he’s so depressed,” said Antonio, whose group is helping him and many of the other infected employees’ families.

“These workers are being treated like they are not human beings,” said Antonio.

Alberta is indeed an outlier in workplace safety and that’s a very bad thing. 

Licia Corbella is a Postmedia columnist in Calgary. lcorbella@postmedia.com

Let’s block ads! (Why?)



Source link

Business

Did Iraq Just Doom The OPEC Deal? | OilPrice.com – OilPrice.com

Published

on



Did Iraq Just Doom The OPEC Deal? | OilPrice.com

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Trending Discussions

    Premium Content

    OPEC

    OPEC is in negotiations with its members to find the best way forward, but talks appear to have stalled over one laggard, Iraq, which has failed to live up to its agreement under the cartel’s production cut deal. Does this give OPEC cover for meeting delays and overall noncompliance, or is it a sincere effort to get it onboard?

    Whether Iraq can be brought in line and fully comply with its share of the OPEC deal is certainly doubtful. Yet interestingly enough, OPEC and Russia have staked the extension of the dealy past June, when the current level of cuts expire and cuts begin to ease, entirely on whether all laggard members bring production down to agreed-upon levels. 

    Either OPEC and Russia are certain they can get Iraq to bring its production down to its quota, or they are content to have the cartel’s production above normal. 

    Russia and Saudi Arabia both agreed that the current level of production cuts should be extended at least one more month. The caveat? That all other countries implement their established quotas in full. 

    That’s a pretty big ask, and if history repeats itself, it’s impossible. What this means for oil prices is that there would be no extension, inventories won’t draw down as quickly, and oil prices will remain depressed along with demand for crude–which although it is picking back up thanks to lockdowns being lifted, is still about 20 million barrel per day under what it was before the pandemic. 

    Iraq isn’t the only laggard, to be fair. Nigeria, Angola, and Kazakhstan are also not keeping up their end of the bargain. The cartel went to work trying to get the three, and Iraq, to recommit to the cuts, and with the exception of Iraq, all three gave the requisite assurances.  Related: Are Investors Ignoring The Largest Financial Risk Ever?

    Of course, that doesn’t mean they will necessarily do so, but it’s at least a start. 

    Iraq, however, has not committed to bringing its production down to the quota in June. 

    OPEC’s compliance for May is thought to be about 89%. This isn’t terrible considering the volume of how much is being cut. Still, compliant Saudi Arabia is declaring its unwillingness to continue its share of the cuts for another month unless the laggards get their act together. Laggards that include Iraq, whose compliance reached only about 42% in May.

    OPEC won’t even have the meeting this week unless Iraq agrees to improve its compliance. 

    Is it all just a ploy to manage market expectations in the run up to the meeting to ensure that whatever agreement is hatched is looked upon favorably, therefore maximizing the price impact? Is it a strategy to get out of extending the deal, perhaps as discussed with U.S. President Donald Trump? Is it designed to put maximum pressure on Iraq to comply? 

    Chances are, we’ll never know. But one thing is for certain: Iraq will not comply with the deal–period. 

    In fact, it said as much. Iraq said it would fully implement cuts by the end of July-in their promise-to-fulfill-later kind of way that they have done in the past. 

    Iraq the Laggard

    For the most part, when it comes to chronic noncompliance, we are talking about the usual suspects of Iraq and Nigeria. But Iraq is so much bigger. 

    Both countries have unique challenges when it comes to sticking to any production cut deal that OPEC or OPEC+ could ever hatch. For Iraq, it is their reliance on international oil companies, most of which operate in the semi-autonomous Kurdistan region. So on one hand, Iraq doesn’t want to bite the hand that feeds it–big foreign oil companies–and on the other, Iraq has a tough time trying to regulate what goes on in the Kurdistan region. This is not even to mention the rocky political climate in Iraq. Related: Can Yemen’s Oil Industry Make A Comeback?

    For Nigeria, it’s the fact that it has a strong reliance on its oil revenues. Most OPEC nations rely on oil revenue for a substantial part of the revenue. But for Nigeria, shutting down oil production and forgoing the revenue associated with that oil production is tough.  Yet Nigeria has agreed, although its May compliance was still not up to snuff.

    OPEC’s Other Problem

    Is OPEC really worried about the extra barrels Iraq is pumping? After all, Saudi Arabia has overachieved its own quota for well over a year while the laggards basked in their overproduction. Most signs point to legitimate worry. Saudi Arabia has declined to publish its July OSP for July until after the meeting. The Kingdom is also raising its customs duties on hundreds of products to generate more non-oil revenue. In a similar vein, it’s tripling its VAT and suspending its cost of living allowances. These are worrisome signs.

    What’s most concerning in the market, however, is the notion that the OPEC deal could fall apart entirely. 

    The previous deal catastrophe is all too fresh in our minds after Russia and Saudi Arabia–the two heavyweights in the deal–failed to reach an agreement over the cuts. The deal failure triggered a price war between the two, plunging the world into a glut of oil and sending prices spiraling as demand fell in the wake of the pandemic. 

    By Julianne Geiger for Oilprice.com

    More Top Reads From Oilprice.com:

    Download The Free Oilprice App Today


    Back to homepage

    <!–

    Trending Discussions

      –>

      Related posts

      Let’s block ads! (Why?)



      Source link

      Continue Reading

      Business

      Russia's Energy Minister Sees Shortage In Oil Market Next Month – OilPrice.com

      Published

      on



      Russia’s Energy Minister Sees Shortage In Oil Market Next Month | OilPrice.com

      Julianne Geiger

      Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

      More Info

      Related News

      Kremlin

      Russia’s Energy Minister Alexander Novak is predicting a shortage in the oil market next month, Ifax reported on Thursday.

      Novak said that the global oil markets could see a shortfall between three and five million barrels per day in July, depending on the outcome of the OPEC meeting that could be held yet this week.

      The meeting that will help shape the future of the oil market over the next few months is proving difficult, however, even though it would appear that Saudi Arabia and Russia have reached an agreement in principle to extend the current level of cuts through the end of July.

      The cuts are currently set to ease starting in July.

      But negotiations among the cartel members are complex, with Iraq, Angola, Nigeria, and Kazakhstan overproducing—a bone of contention with more fastidious members such as Saudi Arabia.

      OPEC+’s compliance reached 89% in May. OPEC’s second largest producer, Iraq, reached only 42% compliance, based off of preliminary data. While Saudi Arabia and Russia agreed to extend the cuts at least for another month, they are not interested in doing so unless Iraq and the other overproducers bring their production in line with the given quotas.

      OPEC+ quotas call for total cuts of 9.7 million bpd. Oil demand, however, is still off by 21 million bpd as of May, according to Novak. But that’s up from 25-28 million bpd off in April.

      Novak added that the filling up of oil storage has slowed, and that thanks to the current production cuts and the improving demand figures so far, the market should achieve balance in June, before slipping into a deficit in July.

      Based on May’s production, OPEC has another 1 million barrels to cut to get into full compliance with the current deal.

      By Julianne Geiger for Oilprice.com

      More Top Reads From Oilprice.com:

      Join the discussion | Back to homepage

      Related posts

      Let’s block ads! (Why?)



      Source link

      Continue Reading

      Business

      CPA Canada hit by cyberattack, affecting data of more than 329000 – CP24 Toronto's Breaking News

      Published

      on


      The Canadian Press


      Published Thursday, June 4, 2020 4:15PM EDT


      Last Updated Thursday, June 4, 2020 5:41PM EDT

      TORONTO – A cyberattack on the Chartered Professional Accountants of Canada website has affected the personal information of more than 329,000 members and stakeholders, the organization said.

      The information includes names, addresses, emails and employer names, but passwords and credit card numbers were protected by encryption, CPA Canada said.

      It warned the data could be used in email phishing scams and encouraged those affected to “remain vigilant.”

      The attack by “unauthorized third parties” occurred between Nov. 30 and May 1, according to an internal investigation carried out with the help of cybersecurity experts.

      The organization said it beefed up its security measures and contacted the Canadian Anti-Fraud Centre and privacy authorities after learning of “a possible security incident” the week of April 20.

      “Upon discovering this, CPA Canada took immediate steps to secure its systems and conduct a thorough analysis to determine what information may have been involved,” the group said in an email.

      “There is no evidence that the encryption keys were affected in this incident and we have no reason to believe the encryption was compromised.”

      The personal information relates mainly to the distribution of CPA Magazine and everyone affected has been notified, the organization said.

      Hacks against a wide range of companies since 2018 have included medical test laboratory LifeLabs and credit union Desjardins, which combined saw the theft of the personal information of more than 19 million Canadians.

      This report by The Canadian Press was first published June 4, 2020.

      Let’s block ads! (Why?)



      Source link

      Continue Reading

      Trending